Udenna’s Dennis Uy elected to 2GO board of directors

2GO GROUP, Inc. has effectively recognized the shareholding of Udenna Corp. with the election of businessman Dennis A. Uy to the listed logistic firm’s board of directors.

In a regulatory filing, 2GO Group announced the election of Mr. Uy along with lawyers Elmer B. Serrano, Jose Amor M. Amorado and Joseph C. Tan as board members, following the resignation of Li Wen, Patrick Ip, Nelson T. Yap and Mark E. Williams.

2GO Group’s board of directors approved the election of Messrs. Uy, Serrano, Amorado and Tan during its meeting on Monday. It has yet to respond to requests for comment and clarification on the board and management changes it announced.

In September 2016, the holding firm of Phoenix Petroleum Philippines, Inc. announced its entry in 2GO Group by acquiring the 32% stake of KGL Investment B.V., a company based in The Netherlands.

KGL Investment has about 60% of beneficial ownership in KGLI-NM Holdings, Inc., which controls Negros Navigation Co., Inc. that, in turn, owns 88.31% of 2GO Group.

The logistics company, however, dismissed reports about the acquisition between Udenna and KGL Investment in October 2016, saying Mr. Uy had failed to present proof of the change in the shares’ ownership.

In response, Udenna brought 2GO Group to the Regional Trial Court of Manila. The court would deny the petition of Mr. Uy’s group for a preliminary injunction against the shareholders of the listed company for failure to prove the validity of its acquisition.

The shareholding claimed by Udenna comes with two seats on the board of 2GO Group, lawyer Lorna Patajo-Kapunan, who represents Chairman Sulficio O. Tagud, Jr., noted in a media briefing called in October 2016 to clarify reported changes in the listed firm’s ownership.

However, the three other newly elected members of 2GO Group’s board of directors have connections to Mr. Uy.

Mr. Serrano, a partner in law firm Martinez Vergara Gonzalez & Serrano, also acquired a stake in 2GO Group from KGL Investments. Mr. Amorado, who works together with Mr. Tan at MOST LAW, has served Mr. Uy as counsel.

Mr. Serrano will concurrently serve 2GO Group as corporate secretary and corporate information officer. The listed company also appointed lawyer Mia Jazmin M. Ormita, a senior associate at Martinez Vergara Gonzales & Serrano, as assistant corporate secretary.

Shares in 2GO Group closed 10 centavos or 1.35% higher at P7.50 apiece on the Philippine Stock Exchange on Tuesday. —